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Lyrx [107]
3 years ago
8

The changes in account balances for Elder Company for 2018 are as follows: Assets $ 680,000 debit Common stock 350,000 credit Li

abilities 190,000 credit Paid-in capital—excess of par 30,000 credit Assuming the only changes in retained earnings in 2018 were for net income and a $50,000 dividend, what was net income for 2018?
(A) $140,000.
(B) $150,000.
(C) $160,000.
(D) $170,000.
Business
1 answer:
hammer [34]3 years ago
4 0

Answer:

Net income will be $160000

So option (c) will be the correct answer

Explanation:

We have given debt common stock = $680000

Credit liabilities = 350000

Credit paid in capital = 190000

And excess of par 30,000 credit Assuming the only changes in retained earnings

So 680000 = 350000+190000+30000+ retained earning

So retained earning = $110000

Dividend paid = $50000

So net income = dividend paid + retained earning = $110000+$50000 = $160000

So option (c) will be the correct answer

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True or false: An EAP only contains information on what happens during an emergency.
uysha [10]
Pretty sure it’s false
5 0
3 years ago
13.. Francisco leased equipment from Julio on December 31, 2021. The lease is a 10-year lease with annual payments of $150,000 d
tatuchka [14]

Answer:

$800,239.40

Explanation:

Calculation for the balance in Francisco lease liability at December 31, 2022

First step is to find the Liability for the year end 31st December 2021

Using this formula

Liability as on 31st December 2021=Initial Value of the Liability - Annual Payment

Let plug in the formula

31st December 2021 Liability =$1,013,854-$150,000

Liability as of 31st December 2021=$863,854

Second step is to find Interest for the Year 2022

Interest =$863,854×10%

Interest =$86,385.40

Third step is to less the interest amount from the Annual payment

Annual Payment $150,000- Interest $86,385.40

=$63,614.60

Last step is to find the balance in the lease liability at December 31, 2022

Lease liability balance = $863,854 -$63,614.60

Lease liability balance=$800,239.40

Therefore What should be the balance in Francisco lease liability at December 31, 2022 will be $800,239.40

5 0
2 years ago
Which of the following is true about development? Group of answer choices It involves the movement, over generations, of the bul
leonid [27]

Answer: It involves the movement, over generations, of the bulk of jobs from agriculture to manufacturing and service industries

Explanation:

Development involves the movement, over generations, of the bulk of jobs from agriculture to manufacturing and service industries. Technology is also influenced by technological change.

The least developed countries have most of their populations employed in the primary sector like agriculture and haven't completed the transition from manufacturing to services and have not yet entered the information age.

5 0
3 years ago
the market value of the equity of Ginger, Inc., is $710,000. The balance sheet shows $45,600 in cash and $227,800 in debt, while
KengaRu [80]

Answer:

3.34 times

Explanation:

Ginger incorporation has a market valu of equity of $710,000

The debt is $227,800

Cash is $45,600

EBIT is $102,800

The first step is to find the enterprise value

= market capitalization + debt -cash

= $710,000 +$227,800 - $45,600

= $937,800-$45,600

= $892,200

The EBITDA can be calculated as follows

= EBIT + depreciation and amortization

= $102,800 + $164,600

= $267,400

Therefore the enterprise value-EBITDA can be calculated as follows

= 892,200/267,400

= 3.34 times

7 0
3 years ago
High-low method The manufacturing costs of Carrefour Enterprises for the first three months of the year follow: TOTAL COSTS UNIT
borishaifa [10]

Answer and Explanation:

The computation of the variable cost per unit and the total fixed cost is shown below;

a. The variable cost per unit is

= (Highest total cost - lowest total cost) ÷ (Highest units produced - lowest units produced)

= ($440,000 - $300,000) ÷ (5,500 - 2,700)

= $140,000 ÷ 2,800

= $50

b. The total fixed cost is

= $440,000 - 5,500 × $50

= $440,000 - $275,000

= $165,000

5 0
3 years ago
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